Outstanding feasibility results for Etango
Marketed its Etango mining project as one of the world’s most advanced development projects, Bannerman this week announced outstanding results to a definitive feasibility study conducted on the Etango project.
Commenting, Bannerman Chief Executive Officer Len Jubber said, “the optimisation study has strongly positioned Etango, demonstrating project economics that are highly competitive at consensus long term uranium prices. Importantly the work has also confirmed the technical robustness of the Definitive Feasibility Study. Etango is at the forefront of the global development pipeline of projects likely to produce at or above 2mlbs.”
On a life of mine price of US$75 per pound uranium oxide, key outcomes include; average operating costs of US$38 per pound uranium oxide, annual production of 7.2mlbs, potential upside stemming from Bannerman’s envisaged heap leach plant which is currently under demonstration and a project net present value of US$419 million.
Said Jubber, “the outstanding projects in the key project metrics reflects the sustained and diligent professionalism of the Bannerman technical team and independent consultants.”
Meanwhile, the 18 to 24 month demonstration program, which commenced in April 2015, is an integral step of the Etango project’s detailed engineering and financing phases, according to Bannerman. Chief Executive Officer of Bannerman, Len Jubber, said “we could not have asked for a better start to the Etango heap leach demonstration plant program.”
Results from the first phase of the demonstration study showed the potential for low sulphuric acid consumption, on average less than 16 kilograms per tonne, rapid growth in understanding of the process control and metallurgical accounting associated with the specific characteristics of the Etango deposit and design flowsheet as well as total leach extraction of 94% for the cribs and 93% for the columns.
Added Jubber, “Bannerman has now established a sound project platform. The technical and financial credibility that comes with Etango’s advanced stage of study will be of critical benefit.”